BSP extends salary loan repayment period to 7 years

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has extended the repayment term limit for salary loans in a move aimed at making consumer credit more manageable without encouraging excessive borrowing. Under Circular No. 1239, which amends regulations on salary-based general-purpose consumption loans, the BSP said the maximum allowable repayment period for these loans was